Yahoo Finance UnitedHealth Group Incorporated (NYSE:UNH) Q4 2023 Earnings Call Transcript
UnitedHealth Group Incorporated (NYSE:UNH) Q4 2023 Earnings Call Transcript January 12, 2024
UnitedHealth Group Incorporated beats earnings expectations. Reported EPS is $6.16, expectations were $5.98.
Operator: Good morning and welcome to the UnitedHealth Group Fourth Quarter and Full-Year 2023 Earnings Conference Call. A question-and-answer session will follow UnitedHealth Group's prepared remarks. As a reminder, this call is being recorded. Here is some important introductory information. This call contains forward-looking statements under U.S. Federal Securities Laws. These statements are subject to risks and uncertainties that could cause actual results to differ materially from historical experience or present expectations. A description of some of the risks and uncertainties can be found in the reports that we file with the Securities and Exchange Commission, including the cautionary statements included in our current and periodic filings.
This call will also reference non-GAAP amounts. A reconciliation of non-GAAP to GAAP amounts is available on the financial and earnings report section of the company's Investor Relations page at www.unitedhealthgroup.com. Information presented on this call contained in the earnings release will be issued -- we issued this morning in our Form 8-K dated January 12, 2024, which may be accessed from the Investor Relations page of the company's website. I will now turn the conference over to the Chief Executive Officer of UnitedHealth Group, Andrew Witty.
Andrew Witty: Thank you and good morning and thank you all for joining us today. As we conclude 2023 and embark on a new year, I'd like to express my gratitude to our more than 400,000 talented colleagues who really were UnitedHealth Group. It's directly due to their tireless efforts over the past year that we expanded our opportunities to serve more people, more comprehensively. As I reflect on our 2023 performance, certainly, the shift in care activity among seniors was an important element for us to manage effectively, and the reduced Medicare Advantage funding outlook was a significant influence on how we prepared for 2024 and all the way through to 2026. Despite the shifting care patterns and the commensurate pressure felt during ‘23, we've been able to both deliver on our growth commitments and invest and prepare for reduced MA funding cycle over the next three years.
Even considering these factors, 2023 marked the year of balanced, sustainable growth for UnitedHealth Group. Importantly, we also strengthened the foundations, from which we will continue to grow in 2024 and beyond. To illustrate briefly during 2023, Optum Health approached growth of 900,000 more patients under value-based care. UnitedHealthcare added over 1.7 million new consumers in its Medicare and commercial offerings. Optum Rx managed an additional 100 million prescriptions for people. Optum Financial handled more than $500 billion in consumer payer and care provider payments. And Optum Insights facilitated more than 23 billion electronic transactions. The increasingly impactful ways we can engage with patients, consumers, care providers, and customers resulted in revenue growth of over $47 billion and adjusted earnings per share growth of over 13% in 2023.
Looking to ‘24, ‘25 and beyond, we will continue to drive quality, simplicity, affordability, and accessibility to help improve healthcare system-wide, and we remain confident in and committed to our long-term 13% to 16% adjusted earnings per share growth rate. Having held our Investor Conference just six weeks ago, I'll take only a few minutes this morning to recap what you should expect from us this year, starting with our work in value-based care. Value-based care for us is a proven way of overcoming many of the widely recognized shortcomings of a fee-for-service-based health system such as fragmented consumer experiences and incentives, that can emphasize volume over quality. Our value-based offerings empower physicians to provide more connected, coordinated and comprehensive care, align incentives among consumers, care providers, and health plans, deliver better health outcomes, and improve costs.
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